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Position could get cancelled and they could move in another direction.
Chief
I've seen it happen more than once in this hyper competitive market. Generally means they found someone they liked better. Sometimes verbal offers are a trick they use to reel you in even though they've haven't wrapped up interviewing, and with no written commitments they're free to drop you if they choose.
Chief
Budget and headcount changes are the most common that I’ve been privy to.
Yes it happens unfortunately